HESAI-W(02525) releases annual performance: net profit of 436 million yuan, turning loss into profit on a year-on-year basis.

HESAI-W (02525) released its quarterly and annual performance ending December 31, 2025. In the fourth quarter of 2025, the Group achieved a net income of 1.001 billion yuan (same unit), an increase of 39% compared to the previous year; a net profit of 153 million yuan, an increase of 4.2%; and a basic earnings per share of 0.98 yuan. For the full year of 2025, the Group achieved a net income of 3.028 billion yuan, an increase of 45.8% compared to the previous year; a net profit of 436 million yuan, turning loss into profit; and a basic earnings per share of 3.13 yuan. Dr. Li Yifan, co-founder and CEO of Hesai, said, "2025 is a milestone year for us. Hesai became the first global laser radar company to achieve profit according to GAAP for the whole year. According to Gasgoo's data, we also ranked first in the car-mounted main LIDAR market in 2025 with a market share of over 40%. As LIDAR becomes an indispensable 'invisible airbag' for ADAS safety, we have successfully secured designated cooperation with the top ten OEM manufacturers in China and entered the mass market with a retail price of less than 100,000 yuan. We have also accurately seized the market turning point of equipping multiple LIDARs for L3-level autonomous driving, and accelerated global expansion through strategic partnerships with companies like Nvidia. These milestones are structurally enhancing the value of single-car LIDAR and further expanding our potential market space. In addition to the automotive sector, vast opportunities are emerging continuously; according to data from GGII, Yole Group, and Frost & Sullivan, Hesai ranks first in major subdivisions of the robotics market such as humanoid and quadrupeds, unmanned taxis, unmanned logistics vehicles, and lawnmower robots. To meet the increasing demand in the ADAS and robotics sector, we plan to increase our annual production capacity to over 4 million units by 2026." Dr. Li added, "As the AI-driven Fourth Industrial Revolution accelerates, Hesai is committed to becoming a key enabler of physical AI, digitizing the real world, and redefining the way humans perceive and act with robots. In the coming months, we will launch a new flagship product, each targeting market opportunities worth trillions of yuan, turning vision into reality and laying a solid foundation for our growth over the next decade." Mr. Fan Peng, CFO of Hesai, said, "In 2025, we achieved important milestones in both the scale and quality of our financial performance. Net income exceeded 3 billion yuan (433 million US dollars), reaching a historical high, with a year-on-year increase of 46%; meanwhile, the total shipment volume tripled to over 1.6 million units. More importantly, thanks to strong revenue growth, strict cost control, and operational leverage improvement brought about by AI technology driving R&D, manufacturing, and operational efficiency, we achieved the industry's first full-year GAAP net profit of 436 million yuan (62 million US dollars) in 2025, as well as non-GAAP net profit of 551 million yuan (79 million US dollars). We have recorded GAAP net profit for three consecutive quarters and non-GAAP net profit for five consecutive quarters. At the same time, we have reported positive operating cash flow for three consecutive years, with net assets increasing to approximately 9 billion yuan (1.3 billion US dollars)." Mr. Fan added, "2026 will mark a new chapter for Hesai. We will increase our guidance for LIDAR shipments to between 3 million and 3.5 million units and will soon release groundbreaking new products to unlock future opportunities, further embodying our vision of 'empowering robotics and automation to make human life more efficient and comfortable.'"